RBI increases cash withdrawal limit at ATMs to Rs10,000 per day

New Delhi: The Reserve Bank of India (RBI) has eased the cash withdrawal limit at automated teller machines (ATMs) with immediate effect. Now, customers will be allowed to withdraw as much as Rs10,000 per day per card, compared to the earlier Rs4,500. These enhanced cash withdrawal limits will be within the weekly cap of Rs24,000, the central bank said.

RBI has also enhanced weekly cash withdrawal limits for current accounts to Rs1 lakh from Rs50,000 earlier. The limits are applicable to overdraft and cash credit accounts too, it said. Following demonetisation of old Rs500 and Rs1,000 notes on 8 November, limits had been imposed on withdrawal of cash from bank branches as well as ATMs.

The 50-day demonetisation period for residents to deposit their old currency notes ended on 30 December. However, non-resident Indians and Indians who were abroad during the demonetisation period have been given additional time to deposit their old currency notes.

On 1 January, RBI had relaxed the cash withdrawal limits to Rs4,500 per card per day from the Rs2,500 earlier.

While the easing of withdrawal limits will bring some relief to cash-strapped people, critics of demonetisation such as West Bengal chief minister Mamata Banejee have called for withdrawal of all restrictions. “Government eye wash announcement. Money not available in banks. All restrictions should be withdrawn immediately #DeMonetisation,” Banerjee said on microblogging platform Twitter on Monday.

Two weeks after the demonetisation period ended, RBI still hasn’t revealed how much old Rs500 and Rs1,000 notes have come back into the system. It also hasn’t given an update since 9 December of how many new currency notes it has released into circulation.